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P2 Similarities and Difference Between Entrepreneurial Ventures

   

Added on  2020-10-22

18 Pages4670 Words178 Views
ENTREPRENEURSHIP

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different kinds of entrepreneurial ventures and its related typologies..................................1P2 Similarities and Difference between entrepreneurial ventures..............................................3TASK 2............................................................................................................................................5P3 Interpret and assess how small & micro enterprise impact on economy...............................5P4 Role of small business in improving growth of social economy after 'Brexit'......................8TASK 3............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs and differentiation withmanager.......................................................................................................................................9P6 Skills of entrepreneurs which shows entrepreneurial motivation and mindset....................11TASK 4..........................................................................................................................................12P7 Factors which hinder or foster entrepreneurship.................................................................12CONCLUSION..............................................................................................................................13

INTRODUCTIONEntrepreneurship is the procedure who individually begins their business and bear allrisks as well as losses through themselves. It is an changing process for creating wealth throughtaking higher risk within their enterprises (Blackburn, Hart and Wainwright, 2013). It can be inany form like as cost, time, quality and many more. Entrepreneurs have lots of innovative andnew ideas which help in producing new products in the marketplace. With this, it is important forentrepreneur to be creative and innovative in order to attract high numbers of buyers.Management of small business is the procedure of managing operations as well as activitieswhich is conducted in small business for maintaining and controlling them in an effectivemanner. In this assignment, it includes various kinds of ventures and its typologies. In this, theyalso analyse experience as well as background of entrepreneur which foster and hinder theentrepreneurship. TASK 1P1 Different kinds of entrepreneurial ventures and its related typologiesEntrepreneurial Ventures This venture is same like a regular business but it is not so. It is a enterprise which is runby creative or innovative people and they know how they can grab opportunity to manufactureeconomic as well as social value in their enterprise effectively. This is very fast in creatingwealth with higher risk in order to produce services and goods. EntrepreneurEntrepreneur begins their own business as well as run their enterprise functions withlimited resources. This person is only responsible in order to make innovative as well as newgoods through bearing all risks and losses by themselves (Bridge and O'Neill, 2012). Types of entrepreneurs Serial entrepreneurs: Individual person begins their own business in a continuousmanner as well as sell it at the stage of later. In this, they are having various types of newand innovative ideas as well as finance. Social entrepreneurs: In this, individual person mainly focus on solving problems ofsociety instead of earning higher level of profits. This type of persons are more capableand ambitious in handling essential social issues are faced by society members. 1

Female entrepreneurs: This type of entrepreneurs run whole enterprise in which mainlyit involve women's. These enterprise are owned as well as regulated by women itself. Inthis, entrepreneur are responsible for creating 50% employment.Male entrepreneurs: Under this, business venture is managed as well as controlledthrough male entrepreneur. The main aim of these entrepreneurs is to gain thecompetitive advantages at market place through providing the unique products to targetconsumers. Serial entrepreneurs: These kind of entrepreneurs work with the passion and like toexplore the new things. Their major focus is on make innovation in its existing productsand satisfy demands and needs of consumers in a proper manner.EntrepreneurshipIt means as the capabilities as well as willingness to organise, develop and manage abusiness venture by taking high risk in order to gain profits. This is a person who run as well asdevelop all the business activities by themselves. Kinds of entrepreneurial ventures Small business entrepreneurship: As per current scenario, there are 6 millions smallbusiness which are running within present market in UK. It include various types ofbusiness like as grocery stores, travel agents, electricians, consultants and many more.These all run their own business by their own risks as well as profits through themselves.In United Kingdom, there are around 5.7 million of small business which provide theemployment opportunities to local people for the purpose of enhance their livingstandard. Social Entrepreneurship: In this type of business are running to provide benefits tosociety through giving them goods according to their needs. They produce a healthyproducts which do not provide harm to society in negative way (Carsrud and Brännback,2011).These are mainly innovators and their focus on developing the services orproducts which can solve social problems and requirements. Scalable Entrepreneurship: Their are the enterprises which create by their better ideas.These types of entrepreneurship has a vision of modifying world by their ideas. Scalableentrepreneur manage funds from market and convince peoples in order to invest on theirideas. 2

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